Rocket Companies Q3 Earnings Highlights: Revenue Beat, Record Closed Loan Volume, Solar Update And More

Rocket Companies Inc (NYSE:RKT) reported third-quarter financial results after market close Thursday.

Here are the highlights from the report.

What Happened: Rocket Companies reported adjusted third-quarter revenue of $3.16 billion, beating a street consensus of $2.93 billion. Quarterly earnings of 57 cents per share beat the analyst consensus estimate of 48 cents by 18.75%.

The company exceeded the top end of its closed loan volume and margin guidance. The third quarter marked the second consecutive record purchase quarter for the company.

“We had an excellent third quarter, as we executed on our mission to remove friction from life’s complex moments,” said CEO Jay Farner.

The company has $88 billion in mortgage origination closed loan volume in the quarter.

Rocket Mortgage had its highest purchased closed loan volume in company history in the quarter, with volume up 70% year-over-year.

The company’s auto segment saw $530 million in gross merchandise value.

Related Link: Why These Rocket Companies Analysts Are Sidelined After Q2 Earnings

What’s Next: Rocket Companies recently entered into a partnership with Salesforce.com Inc (NYSE:CRM). The mortgage-as-a-service platform will extend the company’s technology to financial institution partners.

Rocket expects to move past a 10% share in the purchase-heavy mortgage market. The company also plans to grow and scale other businesses in its ecosystem outside of mortgages, including auto, personal loans and solar.

Rocket tested its solar program with select clients in the third quarter.

“We plan to further expand our solar business with the launch of a full-scale, public facing solution including financing through Rocket Loans in the first half of 2022,” the company said.

Rocket expects fourth-quarter closed loan volume in a range of $75 billion to $80 billion.

RKT Price Action: Shares are down 2.4% to $17.42 in after-hours trading.